Newsletter May 21

AAROHAN आरोहण

CA STUDENTS’s NEWSLETTER

Contents MAY 2021 l VOL I

 Message from WIRC chairman
 Message from WICASA chairman of Navi

Mumbai
 Committee and Co-ordinators of WICASA Navi

Mumbai
 Statutory Updates
 Articles

o How to select cases in scrutiny and need
for the same

o Emergency fund – need of today
o Public provident fund (PPF)
o Bursting the bubble
 Past Events
 Upcoming Events

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MESSAGE FROM WIRC CHAIRMAN

CA MANISH GADIA

MESSAGE FROM WICASA CHAIRMAN of NAVI MUMBAI

Follow us on CA ABHISHEK SHAH
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COMMITTEE MEMBERS

ABC Name ABC Name ABC Name ABC Name ABC Name
Phone Number Phone Number Phone Number Phone Number Phone Number

CO-ORDINATORS

ABC Name ABC Name ABC Name ABC Name ABC Name
Phone Number Phone Number Phone Number Phone Number Phone Number

ABC Name ABC Name ABC Name ABC Name ABC Name
Phone Number Phone Number Phone Number Phone Number Phone Number

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STATUTORY UPDATES

• Consultation Paper dated 19 May 2021 issued by the SEBI on Review and Merger of SEBI

(Issue and listing of Debt Securities) Regulations, 2008 and SEBI (Issue and Listing of

NonConvertible Redeemable Preference Shares) Regulations, 2013 into SEBI (Issue and

Listing of Non-Convertible Securities) Regulations, 2021. Last day to submit comments on

the same is 8 June 2021.

• Circular No.

F.No.110/IFSCA/Banking

Regulation/2021-22/3 dated

17 May 2021 issued by the

IFSCA w.r.t clarifications on

criteria for Banking Units to

become trading/clearing

members of IFSCA recognized

stock exchanges under IFSC

(Banking) Regulation, 2020 -

Directions for implementation.

• Press Release No. 08/2021-22

dated 17 May 2021 issued by

the CCI wherein it has

extended the time for

submitting comments on the draft proposal for introducing setting up of a Confidentiality

Ring as provided in Regulation 35 of the CCI (General) Regulations, 2009 till 12 June 2021.

• The MCA has issued a list of forms providing waiver of additional fee as per Circular no.

06/2021 and 07/2021. Relaxation in respect of levy of additional fee is provided up to 31

July 2021 for filing of the said forms under the Companies Act, 2013/LLP Act, 2008 which are

due for filing during the period 1 April to 31 May 2021.

• Circular No. RBI/2021-22/38 A.P.(DIR Series) Circular No. 04 dated 12 May 2021 issued by

the RBI w.r.t Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs

which inter alia provides that sponsor contribution from a sponsor Indian Party to an AIF set

up in an overseas jurisdiction including IFSCs in India, as per the laws of the host jurisdiction,

will be treated as Overseas Direct Investment.

• Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/563 dated 14 May 2021 issued by the

SEBI wherein it has extended the due date by a month over and above the timelines

prescribed for regulatory filings and compliances by InvITs and REITs for the period ending

31 March 2021.

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• Press release no. 19/2021 dated 17 May 2021 issued by the SEBI wherein it has sought
public comments on Consultation Paper on the proposed framework for Gold Exchange in
India and draft SEBI (Vault Managers) Regulations, 2021. Last date to provide comments on
the same is 18 June 2021.

• Consultation Paper on proposed framework for Gold Exchange in India and draft SEBI (Vault
Managers) Regulations, 2021.

• Notification No. G.S.R. 337(E). dated 19 May 2021 issued by MoF and published in the
Official Gazette relating to Indian Insurance Companies (Foreign Investment) Amendment
Rules, 2021 which inter alia provides for the following:
o Increase in allowable aggregate holdings by way of Total Foreign Investment in equity
shares by Foreign Investors including portfolio investors from 49% to 74% of the paid
up equity capital of Indian Insurance Company.
o Increase in limits of foreign investment under automatic route from 49% to 74% in the
total paid up equity share capital of the Indian Insurance Company (subject to
verification by IRDAI).

• Circular E-file no. CSR-01/4/2021-CSR-MCA dated 20 May 2021 issued by MCA wherein it
has provided clarification on offsetting the excess CSR spent for FY 2019-20 which inter alia
states that any amount contributed by the Company to ‘PM Cares Fund’ on 31 March 2020
which is over and above the minimum amount prescribed under Section 135(5) of
Companies Act 2013 for FY 2019-20 shall be considered (the excess amount or a part
thereof) for offset against the requirement of CSR spend for FY 2020-21 and would not be
viewed as a violation subject to the conditions mentioned in the circular.

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ARTICLES

HOW TO SELECT CASES IN SCRUTINY AND NEED FOR
THE SAME

Why there is a need for scrutiny selection by the Income Tax Department ?

There was a great need and importance of scrutiny selection by department, as all the
assesses who file their return do not disclose their true income and mostly understates the
income by showing bogus expenses, fictious entries, undervaluation of closing stock,
eliminating cash sales, over booking of expenses etc. Department should select the cases,
where there is a major variation in various ratios like N.P., G.P., Stock T.O. ratios. Deviation
in prevailing ratios adopted by the industries. The main motive and objective of Income tax
department is to maximize revenue of the government and to cover more and more
persons under the purview of Income Tax Act.

Cases where A.O. must manually pick the case for scrutiny and called for the required
documents and details to correctly ascertain the income;

1). High volume of TDS and refund ratio.
2). Huge cash transactions.
3). Huge credit entries in bank statements.
4). Huge amount of unsecured loan as shown in liability side and interest rate at which such
loan is taken.
5). Huge Capital addition in the books of account.
6). Non-Business or personal nature expenses debited in the profit and loss account.
7). Deviation in Tax audit report and ITR filed by the assesse regarding disallowance of
various expenses.
8). TDS liability not discharged properly.

The above list is an illustrative list.

Cases are picked into scrutiny by two methods;

1). Manually by A.O.
2). CASS i.e. Computer aided scrutiny selection.
The first one is already discussed above, under the second method i.e. CASS this a
automated software system of department which automatically takes the case under

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scrutiny by matching the ITR filed by the assesse with the database available with the
system like mismatch in Form 26AS and ITR filed.

While selecting the return under scrutiny or reopening of case, A.O. must ensure the
relevant provisions of the Act like provisions of section 143(1), 143(2), 142(1) , 147, 148 ,
144 and specially provisions of section 143(2) and 149 i.e. time limit for issuing notice.

With the target of increasing tax collection, A.O. after selecting the case under scrutiny must
take the following steps to properly assess the income;

1). Check all the Cash transactions and various provisions of section
269ST,269SS,269T,40(A)(3), Fixed assets worth more than Rs. 10,000/- purchased in cash.
2). Vouchers and Invoice of expenses debited in profit and loss account.
3). Applicability of TDS provision on payments made.
4). Reconciling the T.O. as declared in ITR with GST returns and Bank Accounts.
5). Capital introduction in the business by assesse, if any.
6). Change in method of accounting, method of valuation of closing stock as it directly
effects calculation of profit.
7). Penalty and other expenses which are required to be disallowed.
8). Provisions of section 28 to 44.
9). Personal nature expenses, if any.
10). Detailed checking of Cash Book, Expense ledgers.
11). High variation in ratios if any, than A.O. must seek reply and reasons for such deviation.
12). Eligibility and validity of deductions and exemption claimed in return.
13). Loans and advances given must be checked.
14). Long outstanding creditors and debtors in the books of accounts.
15). Unsecured loans and interest on the same must be checked, if there is no change in the
balance of outstanding amount than there should be complete checking of that particular
account.
16). Validity and proper valuation of investments reflecting in the books of accounts.
17). Compliance of section 145(2) i.e. Income computation and disclosure standards, profit
and loss must be computed in accordance to these standards.

Happy Readings

Regards
Pushp kumar sahu

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QIP - Indigo’s mask against Covid-19

[Source- Refer 1 in References]

The aviation industry has been one of the worst hit due to the Covid 19 pandemic and the
ensuing lockdowns. The domestic air traffic which was just beginning to recover from last
year's extended lockdown has been derailed by the furious second wave with the country
reporting more than 4 lakh cases for most of first half of May 2021.
The average number of daily fliers stood at 82,000 for the week ended 8 May, down from
126,000 for the week earlier, according to a report by ICICI Securities.

Centrum Broking lowered the domestic traffic estimate for FY22 to 76 percent of FY20
traffic from 85 percent earlier.

Aviation turbine fuel (ATF) costs rose 24.7 percent Quarter on Quarter in Quarter 4 of
Financial Year 2021 and have increased by 2.5 percent thereafter, giving another blow to
the already panic stricken industry.

The Industry always had a fairly tough competition at one end but also had a steady growth
in revenues, passengers and passenger kilometres travelled for a long period before the
Covid 19 pandemic on the other end.

Refer below for growth in the number of fliers in a time span of 6 years before the Covid 19
pandemic hit towards the end of FY 2019-20 and the beginning of the decline in fliers from
FY 2019-20 itself.

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Number of passengers handled at airports in India from financial year 2014 to 2020, by
type
[Source- Refer 2 in References]

InterGlobe Aviation Limited (commonly known as IndiGo) has a free cash balance of INR
7,440 crore as on December 2020 and plans to raise further equity through QIP to maintain
a relatively comfortable position to tide through the current crisis.

To clear this before we move ahead, A QIP (Qualified Institutions Placement) is a process
which was introduced by SEBI so as to enable the listed companies to raise finance through
the issue of securities to qualified institutional buyers (QIBs).

Earlier, since raising finance in the domestic market involved a lot of complications, Indian
companies used to raise funds from the overseas markets. In order to prevent this, SEBI
introduced this process so as to make the raising of funds easier in the domestic market.
QIP or Qualified Institutional Placement is largely a fund raising tool for the listed
companies.

The board of directors of InterGlobe Aviation Limited, which operates the country's
largest domestic airline IndiGo has approved raising upto INR 3,000 crore through a QIP
process, the company said in a stock exchange notification on 10th May 2021, this is
however subject to shareholder and other regulatory approvals.

The share price of InterGlobe Aviation gained 2 percent intraday to INR 1,711 on the BSE
on May 11, a day after the IndiGo operator announced a fund-raising plan.
Interestingly, IndiGo had earlier in January shelved plans to raise funds up to ₹4,000 crore
through a qualified institutional placement (QIP).

Though back in January 2021, The company instead opted to raise money through sale and
lease back (SLB) transactions and has since then carried out SLB for a few of its aircrafts.
SLB is a transaction in which the owner sells the aircraft, and then takes it back on lease
from the buyer. Such a deal typically removes the aircraft, and its associated debt, from the
carrier’s balance sheet.

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Aditya Pande, the CFO of Indigo was noted saying that the company planned to raise at
least INR 2,000 crores ($268 million) through the sale and leaseback of planes and other
assets, after reporting its steepest quarterly loss in at least five years during August 2020.

Chief Financial Officer Aditya Pande said the airline, owned by Interglobe Aviation Ltd,
would consider raising even more than INR 2,000 crores and the board would meet to
discuss this. The company also had plans to cut 10% of workforce as a measure to combat
the growing losses.

IndiGo reported a net loss of INR 2849 crores in April 2020 to June 2020 compared with
INR 1,200 crores in profit an year earlier.

A report by the aviation consultancy firm Capa India said that the second wave of infections,
which has brought the country’s healthcare system to its knees, could precipitate a collapse
of the domestic aviation sector.

IndiGo will be the only carrier to emerge from the crisis significantly stronger because of
its very strong balance sheet, the report said.

However, despite being better placed to withstand the latest downturn in traffic, IndiGo will
also feel a very significant impact, it added.

References-

1. https://wallpapercave.com/indigo-airlines-wallpapers
2. https://www.statista.com/statistics/588028/passengers-boarded-by-type-by-indian-

air-carriers/
3. https://www.news18.com/news/auto/indigo-plans-to-raise-268-million-via-sale-

leaseback-of-aircraft-and-other-assets-2747043.html
4. https://economictimes.indiatimes.com/definition/QIP
5. https://www.livemint.com/companies/news/indigos-board-approves-raising-3-000-

crore-through-qip-11620655760937.html

Regards

Loveleen Mediratta
NRO0432380

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EMERGENCY FUND – NEED OF TODAY

We all are aware about the importance of savings. But should these savings be made
completely with a motive of earning returns and gains? The answer is a big NO. Some
portions of these savings should also be made with a motive to support one in the times of
an Emergency, and these savings are known as Emergency Funds.

What is an Emergency Fund?

It is a portion of the money that a person earns, which is set aside and saved in a highly
liquid form to cover large and unexpected expenses which may arise in ones life. Emergency
funds create a financial buffer that can keep one afloat in a time of need without having to
rely on credit cards or take out high-interest loans. It is beneficial especially in a situation
when one owes a certain amount of Debt.

What are the kind of emergencies that we are talking about?

Emergencies can be of any type, let us list down a few major ones :
Unforeseen Medical Expenses (which may be not covered by your insurance);
Loss of Employment (a Major Emergency for many);
Temporary Loss of Business;
Lockdown caused due to protests, riots or due to a pandemic such as outbreak of corona;
Unanticipated travel in some kind of emergency;
Urgent Household repair expenses, etc.

How much should we save as an emergency Fund?

Usually it is recommended that a person should have an amount equivalent to at least 6
months worth of his/her living expenses. Although, this amount could vary depending upon
the financial strength of each individual.

But why do you need at least 6 months? Let us take a situation to explain its importance :

To a Person who is in Employment

Lets say Mr. XYZ loses his job during the time of a recession. Now, it is quite possible that he
may not be able to land a new job for a few months. Thus, he could use his emergency
money to pay for his daily/monthly necessities till the time he finds a new job.

To a Person who is in Business/Profession

Lets say Mr ABC is in the business of running a restaurant and recently the government has
announced a complete lockdown and all the restaurant businesses are hit hard. Now, in
such a case, ABC would be unable to generate basic cash flows to meet his daily household

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expenses until the lockdown has been lifted. Thus, an emergency fund could come to his
rescue during this time.

Where should we keep/invest this Emergency Fund?

This fund should be kept in a highly liquid form. We would recommend you to keep 60% of
this fund in a Savings account of a very secure bank (preferably a nationalized bank) and
20% in Hard Cash at your home and the balance could be invested in Ultra short term Debt
Funds which provide the facility of immediate redemption.

Let us take a numerical example for easy understanding;

Mr PQR earns Rs. 70,000 per month and his monthly living expenses are Rs. 30,000.
Now, Mr PQR should have a target of creating an emergency fund of at least Rs. 1,80,000.
(30,000*6)
Out of 1,80,000 :
– 60% [i.e. Rs 1,08,000] should be kept in a savings account.
– 20% [i.e. Rs 36,000] should be kept in cash.
– 20% [i.e. Rs 36,000] should be invested in Debt Funds with immediate redemption

Do remember :

The motive of creating an Emergency Fund is not to earn interest income or capital
appreciation, but it is solely to indemnify us in a monetary emergency.

We are aware that our country is already on the path of digitization, but when it comes to
setting aside some money for an emergency, it is still necessary that we keep some small
amount in cash, because Cash is something which will always be accepted everywhere.

To summarize the above in a few Words:

An emergency fund can mean the difference between financial failure and financial success.
One must carefully examine their living expenses and use that information to develop an
emergency fund goal, see how much one can save each month, and identify unnecessary
expenses or wasted money.

Make a plan to build up an emergency fund and finally, use your emergency money wisely
by knowing what constitutes a true emergency.

Regards

Rushabh Bachawat

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PUBLIC PROVIDENT FUND (PPF)

Overview:

The Public Provident Fund (PPF) is a long-term savings instrument established by the Central
Government. It offers tax benefits on contributions as well as withdrawals after the lock-in
period. This scheme came into force on July 1, 1968, and is backed by the government with
the objective of providing old-age income security to the self-employed and those working
in the unorganised sector. Though the scheme is voluntary, assured returns and income-tax
benefits have fuelled its popularity. The primary objective of saving in the PPF account is to
avail tax deduction on deposits, guaranteed returns on investment and tax-free withdrawal
on maturity. Savings in this product are completely risk-free because of government
backing.

Key Features of a PPF Account:

1. Capital Protection & Inflation Protection

The capital in a PPF account is completely protected as the scheme is backed by the
Government of India, making it fully risk-free with guaranteed returns. The PPF account is
however not inflation protected, which means whenever inflation is above the latest
guaranteed interest rate, the deposit earns no real returns. However, when the inflation
rate is below the guaranteed rate, it does manage a positive real rate of return. For
Example; If Inflation rate is 7% and PPF Interest rate is also 7%, then our Investment earns
no real returns.

2. Interest Rate

Interest rates are aligned with G-sec rates of similar maturity, with a spread of 0.25 per cent.
The government has decided to review the PPF rates quarterly. Interest on PPF balance is
calculated every month and the amount is credited to the PPF account at the end of every
financial year. Each month, the interest amount is calculated on the lowest PPF balance in
the account after the 5th of every month to the last day of the month. Hence, PPF investors
are advised to make contributions to their PPF account before the 5th of each month. For
the fourth quarter of FY 2020-21, the rate has been set at 7.1 per cent compounded
annually.

3. Liquidity (Loan against investment)

The PPF is liquid, despite the 15-year lock-in stipulated with this account. Liquidity is offered
in the form of loans against the PPF. However, the loan will only be granted if it is taken at
any time from the beginning of 3rd year till the end of the 6th year from the date of
activation of the account. The maximum loan amount is limited to 25% of the PPF balance at

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the end of the 2nd year or the year preceding the year in which the loan is being applied.
You will have to repay the loan in 36 months.

4. Investment tenure

A PPF account has a lock-in period of 15 years on investment, before which funds cannot be
withdrawn completely. This tenure can be extended by 5 years at the end of the actual lock-
in period. Premature withdrawals are allowed but only in case of emergencies subject to
condition that “after the sixth year, you can withdraw up to 50% of the balance at the end
of the fourth year, or the immediate preceding year, whichever is lower”.

5. Minimum and maximum investment

You must contribute at least Rs 500 and at most Rs 1.5 lakh in your PPF account in a year.
The minimum investment of Rs 500 has to be maintained even for accounts extended
beyond 15 years. If you don’t put in minimum Rs 500 a year, the account becomes dormant
and Rs 50 penalty will be charged for reactivating a dormant account. If you put in more
than Rs 1.5 lakh in a year, the excess amount, even if credited by mistake, will not earn any
interest. The maximum limit of Rs 1.5 lakh per year includes the contribution in PPF
accounts in the names of minor children.

6. Tax Implications

The scheme has exempt-exempt-exempt (EEE) status, where the deposits, the interest
earned as well as the maturity amount are tax-free. The sum invested in the PPF account is
eligible for tax deduction under Section 80C subject to a maximum of Rs 1.5 lakh in a
financial year. On maturity the entire amount including the interest is tax free.

7. Additional tax benefits of PPF

Open a PPF account in the name of your spouse or child to gain additional tax benefits. As
per tax laws, if money gifted to a spouse is invested, income from investment is clubbed
with that of giver. Since PPF income is tax free, it does not push up tax liability of giver. So
one can invest up to Rs 1.5 lakh a year in this tax-free haven.

With Regards

Deepak Singh Rajput

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BURSTING THE BUBBLE

Have you ever wondered the secret behind the success of every personality we look upon
for! Or Have you ever thought, why they are so prosperous and portraying as an ideal
person for all of us? To make something happen, which is our astonishing dream, we have
to invest, we have to struggle, we have to strive for it. Thus you could taste the fruits of
success.

The bubble means our little own place which is of zero opportunities, zero experiences and
very important, with zero courage to face the world. A true warrior sustains to all stones
thrown at him and not only builds the mansion with such stones but also replicates as the
best new version of himself. Today we are lacking confidence to build in ourselves just
because we are reluctant to come out of our comfort zones.

A comfort zone is very easy going and comfortable but due to staying in the comfort zone
we are missing out all the life changing events! Eventually a comfort zone is a beautiful
place but nothing ever grows there. As already said, struggles are crucial for success, along
with it, failures make us remember for lifetime the mistakes which should not be repeated.

As a wise person once said, as early you start being disciplined, determined, dedicated and
diligent towards your goals, no one can distract you, no matter what the situations be!!That
ignited fire within you must be such intense that it will never let you to make excuses and
will never make you run from your responsibilities.

Today, we look upon Youtube videos, or search for any motivation and only when we listen
to such audio’s, video’s, we feel energetic and focused! Why do we need to be dependent
on others views and insight, for the dreams we are willing to achieve. Such inspirations
might make you feel motivated but trust me they will last only temporarily!

The permanent effect and inspiration will only come from that one reason which will make
you committed about making your dream come true! That just one reason will decide why
you want to just stand out, be extraordinary, be furious about your mindset and why to be
much concerned about neglecting distractions.

Thus start a plan now and kit up! Don’t forget you are competing not with others but with
your own self!

Always remember: Start being motivated by your own performances rather than being
dependent on someone’s voices!!!

Thanks & Regards,

Janhavi Thorat
WRO0614464

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PAST EVENTS

Innovate or Evaporate - Live interaction with Chairman, BOS ICAI
(Navi Mumbai WICASA jointly with Vasai WICASA)

CA. Jay Chhaira presenting webinar on 15th May 2021
WICASA Navi Mumbai Branch of ICAI organized a special webinar for CA Final and
Inter/IPCC students on Strategies to crack CA exams (I Can & I Will) on 4th May, 2021

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UPCOMING EVENTS

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Navi Mumbai Branch of WIRC
Address - Sungrace Association F-1/A-5, 3rd Floor, Sector 10 Vashi, Above

Sanjog Hotel. Navi Mumbai - 400703
Email-Id : [email protected] Website : www.navimumbaica.org

THANKS TO NEWSLETTER EDITORIAL TEAM

CA. Abhishek Shah Chirag Salecha Advika Kharbanda Bhoumik Kotak Janhavi Thorat
97730 50495 84249 91701 88600 83028 87795 16066 90823 44105

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